Here's what it costs to live in Farmington, New Mexico, based on the latest US government data. Renters pay a median of $993 per month, while the typical home is valued around $225,400. Households earn a median of $63,745 per year, leaving rent at a manageable share of income for many residents. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$63,745
Annual · Census ACS
Median Gross Rent
$993
Per month · Census ACS
Median Home Value
$225,400
Census ACS
Cost of Living Index
N/A
BEA RPP · US avg = 100
Studio FMR
$882
HUD Fair Market Rent
1BR Fair Market Rent
$885
HUD FMR
2BR Fair Market Rent
$1,085
HUD FMR
3BR Fair Market Rent
$1,509
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
State Income Tax
5.90%
Top marginal rate
State Sales Tax
4.88%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | N/A |
| 🏥Registered Nurse | N/A |
| 📚Elementary Teacher | N/A |
| ⚡Electrician | N/A |
| 📊Accountant | N/A |
Source: BLS OEWS 2023 (metro-level data)
Population
46,339
Latest estimate
Median Age
37 yrs
Census ACS
🌬️
AQI data not available
Source: EPA AirNow
What is the cost of living index for Farmington?
The cost of living index for Farmington is not yet available in our database.
What is the median rent in Farmington?
The median gross rent in Farmington is $993 per month according to US Census ACS data.
What is the median household income in Farmington?
The median household income in Farmington is $63,745 per year.
What is the median home value in Farmington?
The median home value in Farmington is $225,400 based on the latest Census ACS survey.
How is the air quality in Farmington?
Air quality data for Farmington is not yet available.
What are the taxes like in Farmington?
New Mexico has a top state income tax rate of 5.90% and a statewide sales tax of 4.88% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology